Method and System for Optimizing Savings Benefits

A computer program product, tangibly embodied in a machine readable storage device, the computer program product including instructions being operable to cause a data processing apparatus to:

• receive graphical user interface input identifying a participant;
• retrieve information identifying a plurality of financial accounts associated with the participant, wherein the plurality of financial accounts comprises at least a retirement account associated with a retirement plan and wherein the retrieved information comprises at least annual limits on participant contribution amounts for the retirement account and previous contribution amounts deposited respectively in each of the financial accounts during the current year by the participant;
• generate partial year adjusted contribution limits for the plurality of financial accounts, the partial year adjusted contribution limits being derived from at least the annual limits and the previous contribution amounts;
• generate a savings hierarchy for a remaining part of the current year based on the plurality of financial accounts, the retrieved information, and the partial year adjusted contribution limits, the savings hierarchy representing an order for contributing to the plurality of financial accounts for the remaining partial year;
• receive graphical user interface input specifying a contribution amount to be periodically contributed to the plurality of financial accounts for the remaining partial year;
• determine partial amounts of the contribution amount to be allocated to at least one of the financial accounts based on the savings hierarchy;
• and
• transmit data representing the saving hierarchy with the partial amounts apportioned within the savings hierarchy for display on the graphical user interface.

A system for optimizing savings benefits for an employee, comprising:

• means for receiving input identifying a participant;
• means for retrieving information identifying a plurality of financial accounts associated with the participant, wherein the plurality of financial accounts comprises at least a retirement account associated with a retirement plan and wherein the retrieved information comprises at least annual limits on participant contribution amounts for the retirement account and previous contribution amounts deposited respectively in each of the financial accounts during the current year by the participant;
• means for generating partial year adjusted contribution limits for the plurality of financial accounts, the partial year adjusted contribution limits being derived from at least the annual limits and the previous contribution amounts;
• means for generating a savings hierarchy for a remaining part of the current year based on the plurality of financial accounts, the retrieved information, and the partial year adjusted contribution limits, the savings hierarchy representing an order for contributing to the plurality of financial accounts for the remaining partial year;
• means for receiving input specifying a contribution amount to be periodically contributed to the plurality of financial accounts for the remaining partial year;
• means for determining partial amounts of the contribution amount to be allocated to at least one of the financial accounts based on the savings hierarchy;
• and
• means for transmitting data representing the saving hierarchy with the partial amounts apportioned within the savings hierarchy for display on the graphical user interface.